NFMW Fund of choice

1 July 2015 - 30 June 2016

Annual report

NFMWFund of choice

Index

235781315162932

Indemnity statementThe Na�onal Fund for Municipal Workers does not accept liability for any loss, damage or expense that may be incurred as a direct result or consequence of reliance upon the informa�on in this document. If there is any conflict between the informa�onin this document and the actual Rules of the Fund, the actual Rulesof the Fund will prevail.

33 Board of Trustees as at 30 June 2016 35

1 Annual report 2015 / 2016

Our objective To always keep our members informed about what is happening in the fund, educate them so

they understand the benefits they enjoy as members, guide and provide them with the necessary

tools through ongoing interac�on and equip them to make informed decisions to ul�mately re�re

financially sound one day.

Our vision To be the benchmark of excellence in providing re�rement benefits to local government

employees, indicates that we endeavour to provide a correct and personalised service to each

member of this fund.

Our mission To provide financial security to members and their dependants. This is to be achieved by managing

the fund in a professional and efficient manner, with the prime focus on growing the re�rement

benefits in a compe��ve and risk conscious manner.

This report covers the ac�vi�es of the Na�onal Fund forMunicipal Workers for the year ending 30 June 2016.

Our membership has grown to more than 43 000 members na�onally.

The fund’s total assets have increased by R2 billion during the year under review.

The fund performed well in terms of its investment objec�ves. The returns added to members’ fund

credits over this period were well above infla�on, with the Aggressive Por�olio achieving in excess of 10%.

Administra�on costs have reduced to 0.5% of pensionable salary.

Funeral benefits have improved with a reduc�on in risk cover cost.

NFMW

2015/2016 Key highlights

Board of Trustees as at 30 June 2016 35

Annual report 2015 / 2016 2

Pretoria head officeSec�on 1

Business Park @ Zambezi860 Milkplum Street

Montana0182

PO Box 15515Sinoville

0129

NFMW regional office6th Floor Tygervalley Health Care Bellville7530

PO Box 3421Tygervalley7536

About the NFMW

The Na�onal Fund for Municipal Workers (NFMW) has grown to one of largest funds within local government and with a membership base of more than 43 000 throughout South Africa, it is clear that it is the fund of choice.

The fund is a defined contribu�on fund and was established a�er nego�a�ons at Bargaining Council level between the employer and trade unions and is registered in terms of the Pension Funds Act 24 of 1956.

The fund is managed by a Board of Trustees consis�ng of 14 member representa�ves and one employer representa�ve. This means more than 90% of the trustees are members of the fund. We pride ourselves in providing excellent service and the administra�on cost is of the lowest in the industry, this translates to less of our members' contribu�ons towards cost and more towards re�rement savings.

NFMW


Chairman’s overview

It is always a privilege and an honour to provide you with my overview of the preceding financial year. This year, my review comes with a sense of pride and joy, looking back at what we as a fund have accomplished. The NFMW has undergone major changes to how we operate, as we con�nue to improve on the professional and exclusive service provided to our members.

The investment markets have been extremely vola�le during this period and the Board of Trustees has worked hard to a�ain the maximum return on your investments. I am happy to report that the majority of our members have received more than a 10% return on their investments, which is of the highest returns declared by local government funds for this period.

With our membership having grown to more than 43 000 members, we can operate independently and cut out the cost of expensive consultants. In a defined contribu�on fund, where cost has a direct impact on the members’ re�rement savings, our focus con�nued to be on cost saving and providing a value for money service to our members. The decision to move towards self-administra�on resulted in a reduc�on in the risk cover cost and the administra�on fee to only 0.5% of pensionable salary. Less cost results in more of the monthly contribu�ons being allocated to our members’ re�rement savings.

The funeral benefit was also improved, which means our members and qualifying family members enjoy increased cover from the 1st of July 2016. On behalf of the Board of Trustees, service providers and myself, I would like to extend our sincere condolences to those mem-bers and dependants who have lost loved ones during this period.

On a personal note, my family welcomed our first granddaughter in June this year, this was and s�ll is a true blessing and made me once again realise the importance of family by having their best interests at heart and making sure that they are protected and taken care of. I have also applied this principle in my role as Chairperson in con�nuing to manage this fund in the best interest of each member who forms part of the NFMW family and to provide the benefits and services to assist in making sufficient provision in case the unforeseen happens and ul�mately for re�rement.


Ron Field

Chairperson of the NFMW

I would like to take this opportunity to thank the major contributors, who play an important role in the success of this fund. The staff of the NFMW, for their selfless sacrifice through the over�me and hard work they put in, to ensure a seamless transi�on to self-administra�on, my sincere gra�tude. To my fellow trustees for their ongoing support and commitment, I thank you. It is truly a pleasure to serve on a united Board, who shares the same values and objec�ves.

To the Principal Execu�ve Officer, Sean Samons, for the invaluable contribu�ons you have made to the success of this fund. It is an honour to work with a person of your calibre and high ethical values, who myself, the trustees and the staff can rely on at all �mes. My earnest apprecia�on for your loyalty and dedica�on.

On behalf of the Board of Trustees our apprecia�on to our service providers for the quality service and expert advice throughout the year.

To our members and par�cipa�ng employers for the trust that you place in us, my apprecia�on to you and everyone involved in suppor�ng the NFMW. You can rest assured that we will con�nue to act in your best interest and are commi�ed to the future of this fund. I am looking forward to working more closely with you in the future.

Progress is impossible without change and I believe that the changes in the past year have set the basis for our future approach and growth. We will con�nue to be the fund of choice and se�ng the benchmark of excellence in providing re�rement benefits for all local government employees.

May you all have a peaceful fes�ve season and a prosperous 2017.

NFMW


Principal Executive Officer’s review

It is my pleasure to report that the Na�onal Fund for Municipal Workers has performed excep�onally well over this financial year from both an investment andopera�onal perspec�ve. The year under review has delivered excellent investment returns, excellent growthin membership and a smaller cost structure. I am proud to be associated with such a dynamic fund.

The NFMW u�lises an asset-liability modelling (ILM) process that targets specific future outcomes through an�cipated risk/return profiles and focuses on the longer term commitment of the fund to its members. This is achieved by managing investment risk, based on specific targets. Excellent performance has been achieved over the past years. This is mainly as a result of the strong performing local and interna�onal equity markets, although market vulnerability has remained rela�vely high for certain asset classes. The fund has significantly outperformed its objec�ves over the past three, five and seven years. Even though the last twelve months have been challenging, the fund s�ll managed to outperform its major compe�tors and remains one of the top performing re�rement funds within local government.

In support of the fund’s member reten�on and growth strategy, the provision of flexible product op�ons within the fund, at no addi�onal cost to the members or the employer are con�nuously focused on. These include individual member investment and risk cover choices, which provide members with the flexibility to elect products based on their specific needs.

The fund also offers re�rees the op�on of u�lising the fund’s in-house living annuity as well as an op�on of a life annuity outsourced to Momentum. Both these annui�es are offered at corporate discount rates and are extremely a�rac�ve to re�ring members. Furthermore, members also have the comfort of dealing with the same professional people that they had dealt with while they were employed.

The Board of Trustees is supported by four (4) board sub-commi�ees that assist the board in effec�vely discharging its fiduciary responsibili�es and managing fund strategies. The fund is commi�ed to the highest levels of governance and compliance and to this end, the Execu�ve Commi�ee plays a pivotal role in assuring that excep�onal governance and compliance principles are adhered to.


Sean Samons

Principal Execu�ve Officer

The NFMW supports the code of responsible inves�ng in South Africa (CRISA) in adop�ng the incorpora�on of economic social governance (ESG) factors by local investment managers into the funds’ investment processes.

Effec�ve communica�on with members and pensioners remains a priority for the fund and includes the provision of informa�on to stakeholders. As important is the educa�on of our members on the benefits and op�ons provided by the fund as well as the importance of re�rement prepara�on to ul�mately create sufficient wealth to ensure a comfortable re�rement. To this end the fund has embarked on various new ideas to further enhance the communica�on to the members of the fund.

The fund’s call centres in Pretoria and Bellville complement this strategy by providing advice and assistance to members on fund product op�ons, re�rement planning and general financial assistance. The fund also has full-�me Communica�on Consultants who con�nuously interact with members at induc�on and informa�on sessions. In addi�on, the fund provides members with a new website that incorporates a secure interac�ve site where members are able to view their fund details and values online.

I express my apprecia�on to the Board of Trustees, the sub-commi�ees and specifically the Chairperson Mr. Ron Field for their commitment to the strategic management of the fund and significant value added in ensuring excellence in the areas of compliance, governance and risk management. I also extend my gra�tude to the staff of the office of the Principal Execu�ve Officer for providing the highest standard of management and administra�on.

I further thank our service providers and strategic partners and, in par�cular, our administrator Sanlam, our asset consultant Mosaic Investment Consultants, our Compliance Officer EBS, our actuary Alexander Forbes, our auditor KPMG, our administra�on system provider MIP, our IT support provider OMT and most of all our dedicated staff.

To all par�cipa�ng employers and members for their con�nued loyal support, I express my sincere gra�tude.

Indemnity statementThe Na�onal Fund for Municipal Workers does not accept liability for any loss, damage or expense that may be incurred as a direct result or consequence of reliance upon the informa�on in this document. If there is any conflict between the informa�onin this document and the actual Rules of the Fund, the actual Rulesof the Fund will prevail.

NFMW


Fund management The fund is managed by a Board of Trustees, elected in terms of the rules of the fund to direct, control and oversee the opera�ons of the fund per the applicable legisla�on and the provisions of the fund rules.

The Principal Execu�ve Officer is responsible for the day-to-day management of the fund and reports to the Board of Trustees. Various responsibili�es of the Board of Trustees are delegated to board sub-commi�ees which are the Execu�ve commi�ee, Communica�ons commi�ee, Investment commi�ee and the Legal commi�ee.

The Board of Trustees comprises of fi�een (15) trustees. One employer representa�ve is appointed by the South African Local Government Associa�on (SALGA) and fourteen (14) employee representa�ves are elected on a provincial basis. There are currently no vacancies.

The Board of Trustees and the respec�ve commi�ees meet on a regular basis to conduct the business of the fund and to give effect to each commi�ee’s specific du�es and responsibili�es. During the year under review the following mee�ngs were held:

7 Board of Trustees mee�ngs 10 Execu�ve commi�ee mee�ngs 11 Communica�ons commi�ee mee�ngs 12 Investment commi�ee mee�ngs 11 Legal commi�ee mee�ngs

All these mee�ngs had the correct number of trustee members in a�endance to cons�tute a quorum, as per the rules of the fund.

Please refer to the fund’s website www.na�onalfund.co.za for the full set of fund rules and detailed informa�on on fund management and governance.


Legal and technical matters

Rule amendmentsDuring the previous fund year, the fund consolidated all the previous amendments from amendment number 1 to 10 into a newly approved “Consolidated rules”. The consolidated rules of the fund are available at the fund’s offices as well as on the fund’s website www.na�onalfund.co.za.

The following new rule amendment (number 2) was submi�ed to the Financial Services Board:

Resolu�on

The Board of Trustees resolved at Pretoria on 25 April 2016 that the following Rules of the Fund be amended with effect from 1 March 2016 as follows;

1. Rule 1.2 is replaced by the following: The registered office of the FUND shall be atSec�on 2 Business Park @ Zambezi860 Milkplum StreetMontana0182

2. The defini�on SERVICE CHARGE is replaced with the following:

SERVICE CHARGE: A charge on contribu�ons paid to the FUND as determined by the BOARD OF TRUSTEES from �me to �me, for cost of the benefit administra�on of the FUND.

3. Rule 4.3 is replaced by the following:

4.3 Payment of Contribu�onsMEMBER contribu�ons will be deducted by the LOCAL AUTHORITY from the MEMBER’S pay at the end of each month. The first deduc�on will be made from the MEMBER’S pay at the end of the first month during which the MEMBER commenced

NFMW


contribu�ng. These contribu�ons, together with the LOCAL AUTHORITY contribu�ons in terms of RULE 4.2. will be paid by the LOCAL AUTHORITY into the FUND’S bank account within a period of seven days from the end of the calendar month to which such contribu�ons relate. The FUND will immediately no�fy the REGISTRAR should payment not be made within a period of two months following the expiry of the seven-day period.


9.9 Payment of Benefits

Whenever a benefit becomes payable to any beneficiary, the benefit will be paid by means of an electronic fund transfer to the beneficiary’s account with a bank as defined in the Banks Act, No. 94 of 1990, or a mutual bank as defined in the Mutual Banks Act, No. 124 of 1993, the details of which have been furnished by the EMPLOYER or the beneficiary to the FUND.

For the purpose of this RULE “beneficiary” shall mean any person (including the MEMBER if applicable) who is or becomes en�tled to the payment of a benefit in terms of these RULES.

Where the payment of any benefit to a MEMBER or beneficiary takes place in terms of the RULES, call rate of interest will be added to the benefit payable, between the date that the benefit becomes due to the MEMBER or beneficiary and the actual date of payment.


9.11 LOCAL AUTHORITY must advise the FUND

The LOCAL AUTHORITY must inform the FUND in wri�ng as soon as an ELIGIBLE EMPLOYEE becomes en�tled to FUND membership or a MEMBER re�res, dies or withdraws from his service. Where the LOCAL AUTHORITY is required to inform the FUND about a MEMBER’S early re�rement due to ill-health or death, such no�fica�on must reach the FUND within six months of such occurrence.

For the purpose of establishing the benefit to which the MEMBER or beneficiary is en�tled in terms of the RULES, the FUND may act upon the informa�on provided by the LOCAL AUTHORITY without further enquiry and the FUND is not responsible to anybody


The LOCAL AUTHORITY indemnifies the FUND against any claims ins�tuted against the FUND as a result of the FUND so ac�ng.


9.12 Housing LoansFor the period 1 November 1997 to 31 May 2007 the FUND shall have the power to grant a loan to a MEMBER for a purpose referred to in Sec�on 19(5) of the ACT. Such loan shall be subject to the provisions set out in the ACT.

With effect from 1 June 2007 no new housing loans will be granted to MEMBERS from the assets of the FUND.

From 1 March 2016 the FUND shall have the power to grant a loan to a MEMBER for a purpose referred to in Sec�on 19(5) of the ACT. Such loan shall be subject to the provisions set out in the ACT.

7. Rule 12.5.14 is replaced by the following:

12.5.14 ensure that proper books and records of the opera�ons of the FUND are kept and shall maintain (in accordance with Regula�on 31 of the ACT) at the FUND’S registered office, a register or registers containing the following informa�on:(i) each TRUSTEE’S full names and surname, iden�ty number, date

of birth, na�onality, occupa�on, residen�al address, business address, postal address and the date of his appointment to the BOARD OF TRUSTEES;

(ii) any changes occurring from �me to �me in respect of the above details;

(iii) a minute book recording all resolu�ons adopted at mee�ngs of the BOARD OF TRUSTEES. (The minute book is to be bound in such a way as to render the withdrawal or inser�on of a page impossible and the pages shall be numbered consecu�vely);

for any misstatements, errors or omissions that may be contained in the informa�on provided.

NFMW


(iv) the names of the MEMBERS of the FUND; (v) par�culars regarding the postal address and registered office of the FUND;(vi) par�culars regarding the administrator of benefits, if any; and(vii) par�culars regarding the administrator of investments.

8. Rule 12.6.5 is replaced by the following:

12.6.5 Appointment of ADMINISTRATORThe BOARD OF TRUSTEES may appoint one or more organisa�on to administer the FUND and its investments. The BOARD OF TRUSTEES may only appoint an organisa�on that has been approved by the REGISTRAR as an ADMINISTRATOR. The BOARD OF TRUSTEES may withdraw the appointment of the ADMINISTRATOR and appoint a new ADMINISTRATOR.

Reasons for amendments1. The fund is making provision to be a self-administered fund, as well as to delegate some administra�ve func�ons to a registered sec�on 13B benefit administrator.

2. The rules of the fund, in rela�on to the provision of home loans to members, are being amended to align the fund’s rules with the repor�ng requirements of the fund’s auditor in rela�on to the prepara�on of the fund’s annual financial statements. It is the auditor’s stated view that from an accoun�ng requirements point of view, because the complete risk and reward in the provision of home loans to fund members has not transferred from NFMW to RFS Home Loans, the financial statements must reflect those loans RFS Home Loans grants to members, as direct fund home loans. The fund’s rules are therefore being aligned with the auditor’s requirements and recommenda�ons.

The amendment was duly approved and registered by the Financial Services Board.


Legislative changesThe Taxa�on Laws Amendment Act, 2013 came into effect on 1 March 2016. This law allows for a

27.5% tax deduc�on up to a maximum of R350 000 per annum for contribu�ons made to all pension,

provident and re�rement annuity funds. The annui�sa�on of provident funds at re�rement has been

postponed for two years and will only be implemented on 1 March 2018.

Pension Funds AdjudicatorMembers of pension funds may lodge complaints with the Adjudicator at the following contact details:

Pension Funds Adjudicator: Ms M A Lukhaimane

Address: P.O Box 580 MENLYN 0063

Telephone: 012 346 1738Fax: 086 693 7472e-mail: [email protected]

Please note that the complaint must first be addressed to the fund in wri�ng to allow the fund 30 days

in which to resolve the complaint.

There have been no rulings made against the fund by the Pension Fund Adjudicator for the period

1 July 2015 to 30 June 2016.

Administrative feedback


NFMWMEMBERSHIP INFORMATION

Total membership

financial year. Category A has shown a

growth of 2.6%, while Category C has

grown with 14.26%. The total number of

members in the fund (Category C and

Category A combined), has increased

with 39.82% since the 2012 financial

year.

The graph below illustrates the number of exits per 100 new members gained per annum, from 2012 to 2016.

The provinces showing the highest

combined growth in membership

percentage are Free State with 22% (454

members) and Limpopo with 23% (1144).

Although Gauteng only showed a combined

growth of 8%, this represents a total of 1491

members. This makes Gauteng the province

showing the highest growth in the number

of members.

0

10000

20000

30000

40000

50000

2012 2013 2014 2015 2016

TOTAL MEMBERSHIP

Category C Category A

52

36

33

39

52

- 10 20 30 40 50 60

2012

2013

2014

2015

2016

EXITS/100 NEW MEMBERS

1014

1223

1204

3

2667

2069

781

145 18

23

536 13

17

7455

290

3449 43

29

2902

188

MEMBERSHIP PER PROV INCE

Category C Category A


Fund exits The following two graphs contain a comparison of members who have exited the fund during the previous

four financial years for the four main exit categories.

Graph 1 (Category C) below reflects a decrease in all four of the major exit categories during the 2015/2016 financial year:

The number of re�rements have

decreased with 2%, resigna�ons with

34 %, disability with 52 % and deaths

with 30%.

Overall, the total number of exits in

Category C has decreased with 25%

since the previous year. When

comparing the number of exits during

the 2015/2016 financial year with

the number of exits in the 2013 financial year, two exit categories have shown a decrease.

Resigna�ons decreased with 9 % and disability decreased with 7%. Re�rements increased with 76%,

while deaths remained unchanged.

Graph 2 (Category A) below, reflects a decrease in three of the major exit categories during the 2015/2016 financial year.

The number of re�rements have

decreased with 29%, disability with

40 % and death with 39%. The

number of resigna�ons showed an

increase of 37 %. Overall, the total

number of exits in Category A has

increased with 2 % since the previous

year. When comparing the number of

exits during the 2015/2016 financial

year with the number of exits in the

2013 financial year, all exit categories

have shown a decrease: re�rements have decreased with 15 %, disability with 8%, resigna�on with 27%

and deaths with 20%.

0

100

200

300

400

500

Death Disability Resigna�on Re�rement

C CATEGORY: ALL EXITS

2013 2014 2015 2016

0100200300400500600700800900

1000

Death Disability Resigna�on Re�rement

A CATEGORY: ALL EXITS

2013 2014 2015 2016

Graph 2

Graph 1

NFMW

Meet the team

Regional office - Bellville : Carolyn Haughton, Charmaine Harvey, Cathy Vorster, Themba Sabela, Pierre Marais and Delene Laas

Communica�on : Andile Bango, Jabulani Mpembe, Dirk du Plooy and Strauss Ntuli

Fund administra�on NFMW Pretoria : Karen Jansen van Rensburg, Cathrine de Vos, Dikeledi Mashiane, Desmond Mduhluli, Sandra Moore, Chris�nah Mdhluli,

Estelle Kotze, John Mar�n, Rianna Kotze, Ina van Eeden, Zanele Simmons, Magda Vermeulen, Anne�e Phyfer, Trudie Bosse and Corni Brits

NFMW Pretoria: Lebo Mokgosi, Lindiwe Skosana, Sanet Nkosi, Yvonne Strydom and Carina Bam

NFMW Pretoria - PEO Office: Marine� de For�er and Martha Morifi NFMW Pretoria Finance: Rene�e Erasmus and Annalie Heyneke


9.11 LOCAL AUTHORITY must advise the FUND

The LOCAL AUTHORITY must inform the FUND in wri�ng as soon as an ELIGIBLE EMPLOYEE becomes en�tled to FUND membership or a MEMBER re�res, dies or withdraws from his service. Where the LOCAL AUTHORITY is required to inform the FUND about a MEMBER’S early re�rement due to ill-health or death, such no�fica�on must reach the FUND within six months of such occurrence.

For the purpose of establishing the benefit to which the MEMBER or beneficiary is en�tled in terms of the RULES, the FUND may act upon the informa�on provided by the LOCAL AUTHORITY without further enquiry and the FUND is not responsible to anybody

Secretary: Board of Trustees - Marié Jansen van Rensburg

7.06%

5.88%

6.92%

8.45%

8.52%

12.27%

9.31%

13.57%

10.62%

Shari’ah Por�olio Declared Return

Capital Protector Declared Return

Capital Protector Objec�ve

Stable Growth Declared Return

Stable Growth Objec�ve

Capital Growth Declared Return

Capital Growth Objec�ve

Aggressive Growth Declared Return

Aggressive Growth Objec�ve


Annual investment report Execu�ve summary

The fund increased its total assets over the financial year by R2 billion (from R10,12bn to R12,12bn) as

at the end of June 2016. R1,15 billion of this increase is attributed to investment returns and new

inflows came to R855m for financial the year.

The fund performed well in terms of its investment objectives, adding returns well above inflation to

members’ portfolios in the last financial year and providing returns in excess of its investment

objectives over 3-year rolling periods – refer to graph below for portfolio returns.

The fund maintained a well-diversified balanced investment por�olio during the year with this approach protec�ng the fund during �mes of high vola�lity in local and global markets. The fund’s interna�onal assets in par�cular performed well under the difficult market condi�ons.

NFMW


The fund made a number of addi�ons and changes to the asset manager and product line-up during the year:

1. Prescient was appointed as the tac�cal asset alloca�on manager for the Stable Growth, Capital Growth and Aggressive Growth por�olios. Their mandate allows them to ac�vely manage the por�olio overall asset alloca�on to take advantage of short to medium term opportuni�es in equity and bond markets. The mandate also allows them to hedge the currency exposure of the offshore por�olio and protect investors from poten�al losses rela�ng to surprise rand strength while s�ll benefi�ng from rand weakness.

2. Mazi Capital was appointed as the fund’s fourth equity manager near the close of the

financial year. Mazi is a majority black-owned asset manager with more than R30 billion of assets under management. They have an excellent long term track record, an experienced investment team and a robust growth-oriented investment process that should translate into good returns for member por�olios over �me.

3. The Investec Global Franchise Fund was added to the global por�olio to reduce the vola�lity of the global equity component. This fund follows a high-quality investment approach which has proven to be defensive in difficult �mes.

4. Metope was appointed as an addi�onal listed property manager at the �me when a Sec�on 14-transfer was completed between the Na�onal Pension Fund for Municipal Workers and the NFMW. Being one of the top performing listed property managers over many years, Metope is a welcome addi�on to the fund’s asset manager structure, and will also contribute to a lower overall fee structure.

5. New opportuni�es in alterna�ve investments have been iden�fied to further diversify the por�olios and improve long term returns. In the past year, the fund has invested in a development equity fund that finances small to medium community-based businesses and infrastructure projects as well as an African real estate development fund that develops shopping malls in fast-growing economic hubs on the con�nent. Further commitments have been made to exis�ng infrastructure and renewable energy investments and new commitments have been made to an agriculture fund.

6. The fund revised its strategy on Africa assets taking a view on increased risk (commodity downturn and poli�cal risks) during the year. It therefore replaced its Africa equity exposure with good alterna�ves/proxies through exposure in local and emerging market equi�es. However, it kept some Africa exposure mainly in the retail property space by inves�ng in the Novare Africa Property Fund II.


THE YEAR IN REVIEW

GlobalThe economic rollercoaster of 2015/2016 made the previous years’ events appear pedestrian as the world economies lurched from one crisis to another and global growth slowed.

Just as the Greek crisis had been averted by the approval of a bailout package with stringent condi�ons, China shook global markets by the sudden and unexpected devalua�on of the yuan in an effort to prop up falling exports and lower wholesale prices. Fears of a Chinese “hard landing” were prevalent throughout 2015 and into 2016 as China’s growth rate con�nued on a downward trajectory while policy makers tried to rebalance the economy from export-driven to consump�on-driven growth. Authori�es pledged their support for the domes�c economy by reducing banks’ reserve requirements and improving access to credit. Growth in the world’s second biggest economy slowed to 6.7% quarter-on-quarter in Q1 2016 – the lowest level in seven years while other countries in the Asia-Pacific region reliant on China’s growth, have also experienced a sharp slowdown in export volume as global trade in general declined. The slowdown in the world’s growth engine con�nues to weigh on commodi�es with prices of iron ore, copper and other bulk materials remaining at or near mul�-year lows despite a rebound in March.

Fears of a Chinese slowdown and excess supply resulted in the oil price plumme�ng to $28.50 in January. It has since recovered to stabilise around $50 per barrel as inventories slowly fell as supply out of Canada and Nigeria was curtailed by wild fires and produc�on issues. The lower oil prices boosted US consump�on expenditure while keeping infla�on stubbornly below the Fed’s target rate of 2%.

Even as the oil price and infla�on remained low, the US Federal Reserve finally got the interest rate hiking cycle underway with a 0.25% increase in the Fed funds rate in December. There was, however, to be no further rate hikes in 2016 (to June) as the slowdown in China, low domes�c infla�on and a number of underwhelming jobs reports gave the Fed reason to pause. The US economy, however, appears to be reasonably robust as earnings and consumer sen�ment remain healthy while manufacturing showed some signs of improving. The stronger dollar unfortunately makes US companies less compe��ve with global peers and the sustainability of the recovery remains a concern to policy makers. While an interest rate hike in June was a dis�nct possibility, Fed Chair Janet Yellen cited the uncertainty created by the late-June “Brexit” vote as a contribu�ng factor in delaying further rate hikes.

NFMW


Yellen’s stance appeared to be warranted as the UK surprisingly voted in favour of the “Leave” campaign, crea�ng a sense of panic as market par�cipants and the man on the street tried to understand the complex implica�ons of the UK’s exit from the European Union. The surprise result claimed a number of casual�es with Prime Minister David Cameron resigning immediately a�er the results announcement and few poli�cians willing to take his place and face the unenviable task of triggering Ar�cle 50 to start the exit process. While there will no doubt be significant impact on Britain and Europe, the most uncertainty surrounds trade agreements and migra�on rules. It appears that supporters of the “Leave” campaign wanted the best of both worlds – to benefit from EU trade agreements while curtailing the free movement of European labour. EU policy makers meanwhile want the UK to exit as quickly as possible to increase stability in the common monetary area. The EU itself, having to deal with the ongoing refugee crisis and increasing terror threats, con�nues to struggle with slow economic growth and non-existent infla�on and commentators fear that the region is heading for a defla�onary trap. Interest rates meanwhile have dropped below zero in a number of countries including Switzerland, Sweden and Denmark in an effort to s�mulate spending.

Local

The past 12 months have been difficult for local markets as a nega�ve global economic backdrop, a poten�al credit ra�ng downgrade and some unexpected and irra�onal poli�cal decisions (par�cularly “Nenegate” in December) caused extreme vola�lity on the bond, equity and currency markets. The rand traded between R12.26 and R16.88 to the dollar (R19.13 and R24.51 to the pound) through the period before se�ling at R14.76 to the dollar (R19.68 to the pound) at the end of June as the currency was whip-sawed by sen�ment-driven foreign speculators.

While the ra�ngs agencies were somewhat appeased by the appointment of Pravin Gordhan as Finance Minister a�er the surprise sacking of Minister Nene, the country’s deteriora�ng fiscal posi�on remains of concern. Economic growth in the country has all but stalled as the commodity cycle remains weak and domes�c manufacturing con�nues to fall despite the expected boost to exports from the weaker currency. The recent drought affec�ng much of the country has decimated agricultural exports and caused food prices (and general infla�on) to rise with the poor being the hardest hit. As a result of weaker commodity prices and slower growth, unemployment rose to well above 25% while consumer confidence hit recent lows. A series of interest rate hikes did li�le to prevent the currency from deprecia�ng but has had aseries impact on consump�on and indebtness with many creditors in arrears.


Despite the high level of debt, retail sales remained robust un�l recently when new vehicles sales dropped sharply. Affordability in general has decreased as wages have not kept pace with the increased prices of imported goods.

Economic outlook

The normalisa�on of US and global interest rates remains key to economic stability in the medium term. The US economy appears to have stabilised, albeit at a far lower growth rate, but the stability is not guaranteed as a stronger dollar can put pressure on trade with the rest of the world as US products become more expensive. The Federal Reserve has emphasised the reac�onary nature of it’s ac�ons and will likely wait for a sustained improvement in mul�ple data points including employment, housing, wages and infla�on before commi�ng to further interest rate hikes. This process could take longer to unwind than previously expected as uncertainty remains regarding the strength of the main economies.

We expect con�nued vola�lity as the world grapples with the impact of Brexit, slower growth in China and the normalisa�on of global interest rates. When the Fed eventually raises interest rates – at least one hike is s�ll expected in 2016 – equity and bond markets are expected to re-rate and poten�ally suffer losses as the higher cost of borrowing is factored into corporate profitability and company valua�ons. The developed world’s bond markets are likely to see higher long term yields (from record low levels currently) which will result in capital losses from that asset class.

South Africa’s fortunes are inextricably �ed to that of its trading partners the US, EU and China and the prices of commodi�es. With lower global growth expected, commodity prices will likely remain depressed for some �me which will con�nue to put pressure on local mining opera�ons. Fortunately, the weak rand will provide a much-needed boost to domes�c mining and manufacturing opera�ons’ cash flow and large job losses from these companies are unlikely. Domes�c manufacturing, however, remains on the back foot despite the weaker rand (which improves the compe��veness of local products) as labour produc�vity remains low. The excep�on is the motor industry that has boosted exports even as domes�c demand stagnates.

NFMW


Local consumers remain heavily indebted and consump�on is likely to fall further as the prices of imported goods rise and disposable income is spent on necessi�es like food and transport instead. A series of interest rate hikes were halted early in the year as the SARB predicted that infla�on would remain within the target band of 3% to 6% for much of their forecast period. We believe the SARB will keep interest rates at current levels to reduce the pressure on the consumer and s�mulate growth.

In June, the impact of the weak rand was evident as exports surged while expensive imports fell – a good sign for the Government’s current account balance. The credit ra�ng agencies are monitoring developments with the country’s finances for further signs of deteriora�on following their warnings of a poten�al downgrade to junk status earlier in the year. South Africa has un�l year end to effect growth-boos�ng changes to policy and lower the current account deficit.

The ra�ngs agencies have emphasised several key areas that, if improved or sustained, could result in South Africa aver�ng the downgrade. These are:

A growth recovery driven by a stabilisa�on in the electricity supply and fewer interest rate hikes. A stabilisa�on of government debt ra�os, specifically debt-to-GDP, achievable through increased growth and/or reduced expenditure. Ra�ng agencies were somewhat appeased by the most recent budget speech by Minister Gordhan that reiterated Government commitment to spending within its means. Ins�tu�onal integrity, as shown recently by the independence of the monetary and fiscal ins�tu�ons as well as the cons�tu�onal court, must remain intact. Structural reforms to restore consumer, business and investor confidence.

While some aspects have already been addressed to some extent, the local government elec�ons and poten�al changes to cabinet could create increased uncertainty regarding the prospects for reform. Global factors, such as the effects of Brexit, could also hamper the country’s growth prospects and increase the chances of a downgrade in December.

In conclusion, the uncertain economic and poli�cal environment both locally and globally will naturally affect asset prices and the returns on equity and bond markets. We therefore expect modest returns from the equity and capital markets for the remainder of 2016 and into 2017 as global markets slowly come to terms with a world of slower growth, low infla�on, and lower (but possibly rising) interest rates.


Asset class returns: 30 June 2016

The table below indicates the returns of the different asset classes over various periods ending June 2016. With a number of economic and poli�cal setbacks, it is no surprise that local and global markets generated low returns for the period.

For South African investors, global assets and local listed property were the only investments to deliver double digit returns for the past one-year period as the weaker rand boosted the value of global assets. The local listed property market now has a 30% exposure to global assets (foreign property companies) which effec�vely hedges that asset class against rand weakness.

Global equi�es struggled through the year in review with the MSCI AC World Index being down as much as 15% in mid-February (from 1 July 2015) before ending June down just 4.7% for the period. When translated into rand, global equi�es gained 15.1% and contributed meaningfully to por�olio returns. Global bonds gained 11.9% in USD (35.2% in rand) benefi�ng from record low developed market interest rates and low infla�on. Local bonds (+5.2%) underperformed cash (+6.8%) as yields rose on the back of higher domes�c infla�on and worries about a poten�al ra�ngs downgrade while the JSE All Share Index managed a marginally posi�ve return of 3.8% thanks largely to companies with offshore opera�ons. While the returns from local asset classes may seem rela�vely poor, investors must understand that the past year has been characterised by extreme vola�lity and market turmoil as policy makers engage in unprecedented ac�ons to improve demand and s�mulate growth.

Uncertainty surrounding global growth and company profitability remains and we therefore recommend that investors temper their return expecta�ons for the next 5 – 10 years. High double digit returns from domes�c asset classes are highly unlikely and unexpected rand strength could nega�vely impact the returns of global assets in the short to medium term.

The fund maintained a well-diversified balanced investment por�olio during the year with this approach protec�ng the fund during �mes of high vola�lity in local and global markets. The fund’s interna�onal assets in par�cular performed well under the difficult market condi�ons.

Date: 30/06/2016 1 Year 3 Years 5 Years 10 Years

Equi�es 3.8% 13.0% 13.8% 12.6%Bonds 5.2% 6.3% 7.9% 8.4%Property 11.0% 14.3% 18.5% 18.8%Cash 6.8% 6.2% 5.9% 7.3%Global Bonds (R) 35.2% 17.9% 18.7% 12.4%Global Equity (R) 15.1% 19.8% 22.0% 9.9%

Infla�on 6.1% 5.8% 5.7% 6.4%Rand Dollar Exchange Rate 20.8% 14.2% 16.8% 7.5%

FUND INFORMATION

NFMW


Type Asset ManagerRSA Balanced Kagiso Islamic Balanced FundTac�cal Asset Alloca�on Prescient TAA Fund

RSA Ac�ve Equity Allan Gray Domes�c Equity FundRSA Ac�ve Equity Corona�on Equity Fund RSA Ac�ve Equity SIM Unconstrained Equity FundRSA Ac�ve Equity Mazi Equity Fund

RSA Bonds Investec Tri-Alpha Bond FundRSA Bonds Corona�on Ac�ve Bond FundRSA Bonds Futuregrowth Infrastructure Bonds Fund

RSA Listed Property Catalyst Property FundRSA Listed Property Metope Property Fund

RSA Alterna�ve Assets OMAI Ideas FundRSA Alterna�ve Assets Investec Credit Income FundRSA Alterna�ve Assets Futuregrowth Development Equity Fund

RSA Cash Atlan�c Asset Management Cash PlusRSA Cash SIM Ac�ve IncomeRSA Cash Securi�sed Debt

Interna�onal Assets Orbis Global Ins�tu�onal Equity FundInterna�onal Assets Morgan Stanley Global Brands Interna�onal Assets Investec Global FranchiseInterna�onal Assets ACPI Global Credit FundInterna�onal Assets Nedgroup Investments Global Equity FundInterna�onal Assets Catalyst Global Real Estate FundInterna�onal Assets Corona�on Global Emerging Markets Fund

African Assets Novare Africa Property Fund II

The fund’s international managers performed well compared to the local managers as they again

benefited from the rand’s depreciation in the last financial year. During the past 12 months, investors

with more exposure to the “higher risk” asset classes (specifically equities) were not rewarded with

higher returns for taking on additional risk. However, over longer periods we expect the historic

risk-reward relationship to remain intact.

A list of the fund’s appointed asset managers is provided in the table below:

30.0%

30.0%

5.0%

15.0%

20.0% RSA Ac�ve Equity

RSA Bonds

RSA Property

RSA Alterna�ves

RSA Cash


A REVIEW OF FUND PERFORMANCE AND POSITIONING

Capital Protector

The objec�ve of the Capital Protector por�olio is to achieve a real return of 1% p.a. above infla�on

over �me while protec�ng members’ value over all reasonable �me periods. The por�olio’s assets are

primarily invested in an Ac�ve Income mandate managed by Sanlam Investment Management. The

por�olio also has exposure to a small por�olio of securi�sed debt and a conserva�vely-managed

enhanced cash por�olio.

The por�olio returned 7.44% for the one year ending June 2016 as the Ac�ve Income fund benefited

from high yields on short-term money market and bond instruments.

Stable Growth

The Stable Growth por�olio aims to achieve a real return of 2.75% p.a. above infla�on over �me.

Currently the por�olio’s assets are managed by a range of specialist asset managers with the aim to

maximise returns with the minimum amount of risk measured over longer periods of �me.

The Stable Growth por�olio returned 8.47% for the one year to June 2016. The por�olio’s exposure to

high-yielding cash and credit funds (42% of the por�olio) and property added significant value over the

period while protec�ng capital in �mes of market uncertainty. Due to its capital protec�on focus, this

por�olio has no exposure to poten�ally vola�le offshore assets.

42.5%

12.5%5.0%

15.0%

5.0%

15.0%

5.0%RSA Ac�ve Equity

RSA Bonds

RSA Property

RSA Alterna�ves

RSA Cash

Interna�onal Assets

African Assets

NFMW


Capital Growth

This por�olio has a higher equity alloca�on than the Stable Growth and Protector por�olios and

includes investments in foreign assets. The Capital Growth por�olio aims to achieve a real return of

3.5% p.a. above infla�on over �me. The por�olio’s assets are managed by a range of specialist asset

managers with the aim to maximise returns with the minimum amount of risk measured over longer

periods of �me.

The Capital Growth por�olio returned 11.45% for the one year ending June 2016. The main

contributors to performance were offshore assets that benefited from rand weakness and an

overweight alloca�on to high-yielding domes�c fixed interest funds. The por�olio’s alloca�on to

alterna�ve assets (credit and infrastructure) also contributed meaningfully to returns.

Aggressive Growth

The Aggressive Growth por�olio’s assets are managed by a range of specialist asset managers with the

aim to achieve maximum returns with the minimum amount of risk measured over longer periods of

�me. This por�olio was the best performing por�olio due to having the largest weigh�ng to equi�es

and interna�onal assets. This por�olio is structured with an investment objec�ve of CPI + 4.75% p.a.


50.0%

5.0%5.0%

15.0%

2.5%

17.5%


RSA Bonds

RSA Property

RSA Alterna�ves

RSA Cash


African Assets

The Aggressive Growth por�olio returned 10.58% for the one year ending June 2016. The main

contributors to performance were offshore assets that benefited from rand weakness and the

alloca�on to alterna�ve assets (credit and infrastructure).

Note on performance of Capital Growth vs. Aggressive Growth por�olio: the Capital Growth por�olio

outperformed the Aggressive Growth por�olio by slightly less than 1% due to por�olio posi�oning that

was be�er suited to the uncertain environment. As cash and bonds both outperformed local equity,

the Capital Growth por�olio benefited from a slightly higher bond exposure, a lower equity exposure

and a higher cash exposure through the year.

Shari’ah Por�olio

The Shari’ah por�olio is suitable for investors requiring a Shari’ah-compliant por�olio appropriate for

re�rement schemes and members’ re�rement savings over the long term. The por�olio will be

invested in a wide variety of domes�c and interna�onal asset classes such as equity, sukuks and listed

property, within the constraints of the statutory investment restric�ons for re�rement funds. The

underlying investments will comply with Shari’ah requirements as prescribed by the Accoun�ng and

Audi�ng Organisa�on for Islamic Financial Ins�tu�ons (AAOIFI).

The Shariah por�olio returned 4.21% for the one year to June 2016. Returns were nega�vely impacted

by the por�olio’s exposure to resources shares and the rela�vely low yield offered by local sukuks.

NET BONUSES

The net bonuses declared over the past twelve months were as follows:

Capital Protector Stable Growth Capital Growth Aggressive Growth Shari'ah Por�olioJuly 2015 0.58% 0.86% 1.37% 1.18% -0.95%

August 2015 0.56% -0.36% -1.16% -1.48% -1.43%September 2015 0.53% 0.11% -0.04% -0.60% -2.05%

October 2015 0.71% 2.35% 4.43% 5.12% 4.46%November 2015 0.32% -0.71% -0.69% -1.29% -1.74%December 2015 -0.17% -1.61% 0.35% 0.74% 0.12%

January 2016 0.98% 0.62% -1.06% -1.57% -3.06%February 2016 0.48% 0.89% 1.37% 1.53% 4.61%

March 2016 0.97% 3.56% 4.45% 4.78% 3.23%April 2016 0.76% 1.46% 0.76% 0.75% 2.07%May 2016 0.43% 0.06% 1.94% 2.17% 1.81%June 2016 1.05% 1.03% -0.63% -0.95% -2.53%

Total Net Bonus 7.44% 8.47% 11.45% 10.58% 4.21%

NFMW


45.0%

12.0%

19.5%


Sukuks

RSA Cash



b

The board of Trustees is confident that the fund’s investment structure will con�nually add value to members’ re�rement savings and adapt to industry developments. The por�olios are managed in such a way to provide members with peace of mind and prudent growth tosecure a prosperous re�rement.

NFMW


Communication feedback Effec�ve and regular communica�on forms an essen�al part of the day to day responsibility of the fund towards all fund stakeholders. Our objec�ve as the Na�onal Fund for Municipal Workers is to always keep our members informed about what is happening in the fund, educate them so they understand the benefits they enjoy as members, guide and provide them with the necessary tools through ongoing interac�on and equip them to make informed decisions to ul�mately re�re financially sound one day.

With sta�s�cs indica�ng that less than 7% of South Africans can afford to re�re, our main focus for the 2015/2016 financial year was again on striving towards achieving this objec�ve. Our communica�on consultants travelled thousands of kilometers to visit employers through-out South Africa in order to conduct HR training sessions, member informa�on sessions and meet with some of our more than 43 000 members.

With the move towards self-administra�on, we had our work cut out for us towards the end of the financial year, to communicate the various changes. This also presented the opportunity to rebrand the fund and introduce new and innova�ve ways of not just communica�ng, but also educa�ng our stakeholders. This was done through various communica�on mediums and included:

Poster, electronic and sms communica�on were used to communicate the change in contact details. New Category C and A informa�on booklets were produced to include the new benefit improvements. We launched a brand new modern and simpler website www.na�onalfund.co.za, which contains fund benefit informa�on, fund rules and Board of Trustee informa�on. It also provides a secure interac�ve facility where members can view their current fund credit informa�on, investment por�olios, risk cover op�on and beneficiary informa�on. We produced new educa�onal videos to explain the benefits and services provided by the fund. We introduced social media pla�orms (Facebook and LinkedIn) to encourage member interac�on.


The fund believes in constantly measuring the effec�veness of its communica�on and we have received invaluable feedback from our members at the informa�on sessions conducted. Thank you to all the members who a�end these sessions, as it assists us with providing you with the necessary tools to make informed decisions regarding your re�rement savings.

NFMW


Updated contact informa�on is important!We once again wish to reiterate and highlight the importance of ensuring that your contact details are updated and correct. Without your correct contact details, we cannot communicate with you, so no newsle�ers, sms no�fica�ons or benefit statements can reach you. Please therefore ensure that you provide us with your updated details, through comple�ng the Change of personal details-form or comple�ng the electronic form available on the website. Also remember that we can only send you fund credit sms no�fica�ons if you are registered for this service. Please register for this service by comple�ng the Request for fund value via sms-form.

A reminder to also; Update your beneficiary nomina�on form. Death benefit payments are subject to Sec�on 37C of the Pension Funds Act. The nomina�on form is used as an important guideline when the trustees decide on who the benefit should be paid out to.

Register a life partner and dependants and keep their details updated. Incorrect, outstanding or outdated informa�on can cause unnecessary delays in the processing and payments of claims.

Social upli�ment projectsThe fund con�nued with its social upli�ment ini�a�ve, in providing financial assistance through its social upli�ment projects. This was possible through the generous dona�on from the fund's service provider Mosaic Investment Consultants who sponsored R20 000 to the Letlhabile Care for the Aged.


The Aggressive Growth por�olio returned 10.58% for the one year ending June 2016. The main

contributors to performance were offshore assets that benefited from rand weakness and the

alloca�on to alterna�ve assets (credit and infrastructure).

Note on performance of Capital Growth vs. Aggressive Growth por�olio: the Capital Growth por�olio

outperformed the Aggressive Growth por�olio by slightly less than 1% due to por�olio posi�oning that

was be�er suited to the uncertain environment. As cash and bonds both outperformed local equity,

the Capital Growth por�olio benefited from a slightly higher bond exposure, a lower equity exposure

and a higher cash exposure through the year.

Shari’ah Por�olio

The Shari’ah por�olio is suitable for investors requiring a Shari’ah-compliant por�olio appropriate for

re�rement schemes and members’ re�rement savings over the long term. The por�olio will be

invested in a wide variety of domes�c and interna�onal asset classes such as equity, sukuks and listed

property, within the constraints of the statutory investment restric�ons for re�rement funds. The

underlying investments will comply with Shari’ah requirements as prescribed by the Accoun�ng and

Audi�ng Organisa�on for Islamic Financial Ins�tu�ons (AAOIFI).

Fund benefit improvements Members of the NFMW received a significant improvement on their benefits, with increased funeral cover and a reduc�on in the risk as well as the administra�on cost. Changes effective 1 July 2016:

Improved funeral cover

DEPENDANTS CATEGORY C COVER CATEGORY A COVER Cost of cover (0,252%) Cost of cover (0,065%)

Main member R40 000 R11 000

Qualifying spouse/Life partner R40 000 R11 000

Qualifying child 6 years and older R22 000 R 4 500(above 21 years of age must be a full-�me student, unmarried and/or disabled) Qualifying child from 26 weeks of R11 000 R 4 500 pregnancy un�l 6 years A reduc�on in risk cover cost

CATEGORY DEATH COVER DISABILITY COVER

A100 1 x Annual pensionable salary + 1 x Annual pensionable salary +Total cost 1,263% fund credit fund credit

C0 (40 years and older by No cover No cover individual member choice)Total risk cover cost 0,252%

C5 5 x Annual pensionable salary + 3 x Annual pensionable salary +Total risk cover cost 4,195% fund credit fund credit

C3 3 x Annual pensionable salary + 3 x Annual pensionable salary + Total risk cover cost 3,022% fund credit fund credit

C1 1 x Annual pensionable salary + 1 x Annual pensionable salary + Total risk cover cost 1,217% fund credit fund credit

Reduc�on in administra�on cost and risk administra�on fees The administra�on cost of the fund was reduced from 0.5928% to only 0.50% of pensionable salary. The elimina�on of the risk administra�on fee and the reduc�on in risk fees have resulted in an approximate annual saving of R6 million.

These changes are effec�ve from 1 July 2016 and a full summary of benefits is available on the fund website www.na�onalfund.co.za

NFMW


Board of Trustees as at 30 June 2016

Ron (RJ) Field Chairperson – Board of Trustees

and Exco

Charles (CCK) Antonio Chairperson Communica�ons

Commi�ee and Exco member

Dricus (HS) Rossouw Chairperson

Investment Commi�ee and Exco member

Kobus (JCG) Burger Chairperson Legal Commi�ee and Exco member

Louwrens (L) Geldenhuys Trustee - Investment Commi�ee and co-opted Exco member

Chris�na (MC) Makgalemele Trustee – Communica�ons Commi�ee

Rina (CJ) Labuschagne Trustee – Legal Commi�ee

Kevin (KG) Booysen Trustee – Legal Commi�ee

S�cks (PS) Mofokeng Trustee – Investment Commi�ee

Evelyn (ME) Jantjie Trustee – Communica�ons Commi�ee

Clive (NC) Cindi Trustee – Communica�ons Commi�ee

Robert (R) Solomons Trustee – Co-opted trustee -

Eugene (EA) Schu�e Trustee – Legal Commi�ee

August (A) Tiemie Trustee – Co-opted trustee -

Francis (NF) Ratlhaga SALGA appointed trustee – Investment Commi�ee

Legal Commi�ee Communica�ons Commi�ee

Pretoria (012) 743 3000Cape Town (021) 816 9500

Fax 086 668 [email protected]

The board of Trustees is confident that the fund’s investment structure will con�nually add value to members’ re�rement savings and adapt to industry developments. The por�olios are managed in such a way to provide members with peace of mind and prudent growth tosecure a prosperous re�rement.

Documents

NFMW Fund of choice